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Manager to acquire former Mondi paper plant in Hungary

Multinational paper company Mondi has sold a majority stake in its paper plant in the Hungarian city of Szolnok - a plant it shut down and stripped of equipment in 2008 - to Gábor Ferencz, until now a member of the board of directors, Ferencz told MTI on Tuesday.

Ferencz plans to turn the former paper plant into an industrial park. Under the agreement with Mondi, Ferencz said he also obtained an option to acquire the rest of the shares in the company. The parties plan to close the transaction on April 30, he added.

Mondi shut down the plant in June of 2008 because of a glut on the business paper market. (MTI-Econews)